First of Two Metro Baltimore Apartments Under Way
- Aug 07, 2013
Towson, Md.—Work has started on the first of two buildings by two separate teams of developers that will ultimately add 470 new multifamily units to the Towson Town Center area. The redevelopment project replaces a 70-year old, 150-unit apartment community with two four-story properties, tripling the site’s density.
The first building is the Winthrop, developed by Chesapeake Realty Partners and Wood Partners, will consist of 295 units, and its lease-up will start in the spring of 2014. A second phase, developed by Wood Partners and Taylor Property Group when the first building is finished, will comprise 175 units. The properties will be operated separately, but their design is complementary.
According to the developers, the target renters will be those who choose between living in Towson and downtown Baltimore. Towson is an unincorporated community in Baltimore County of some size, with a population of more than 55,000. Towson Town Center a General Growth Properties indoor shopping mall.
The two properties’ amenities will include controlled-access parking garages, Resident’s Clubs, swimming pools, fitness centers and game rooms. The interior parking structures will have 550 spaces for the larger of the two properties, and 365 for the other. The developers will also include a number of features to improve the properties’ walkability, including Zipcars and a bicycle room.
Wood Partners is a national multifamily specialist in high-density and mixed-use properties, having been involved in the development of over 40,000 apartment units. Chesapeake currently has about 3,000 units under way in the Washington DC and Baltimore metros, and Taylor is commercial and residential property company primarily active in central Maryland.